US initial jobless claims rose +7k to 226k (vs 221k expected) last week, while the 4-week moving average edged down -500 to 220.75k, signaling a still-stable but gradually softening labor market.

• Initial claims (NSA) declined -8.8k to 194.99k, down from 204.03k in the same week last year.
• Insured unemployment (SA) rose +38k to 1.974 million for the week ending July 26; the 4-week average rose +5k to 1.951 million.
• The insured unemployment rate (SA) remained unchanged at 1.3% for the fourth consecutive week.
• Federal employee claims (UCFE) dropped -14 to 708, but remained more than double the year-ago level of 312.